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Annual Report and Accounts 2021 Inside This Report

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Annual Report and Accounts 2021 Inside This Report Annual report and accounts 2021 Inside this report Overview Investment Review of investments 1 Our purpose Manager’s review and Sustainability 2 Performance highlights 20 Review from the Managing Partner 32 Infinis case study 3 At a glance 23 New investment 34 Infinis 4 Chair’s statement 24 Our portfolio 35 Tampnet 6 Responsible investing 26 Movements in portfolio value 36 Joulz 7 Positive impact 37 Ionisos 8 Our markets 38 Ionisos case study 12 Our business model 40 TCR 16 Our strategy, objectives and KPIs 41 ESVAGT 42 Oystercatcher 43 Valorem 44 Attero 45 Sustainability report Financial review Governance Accounts and and Risk 78 Introduction to Governance other information 54 Financial review 82 Leadership and purpose 112 Independent auditor’s report to the 64 Risk report 91 Division of responsibilities members of 3i Infrastructure plc 74 Directors’ duties 94 Composition, succession and evaluation 120 Statement of comprehensive income 98 Audit, Risk and Internal Control 121 Statement of changes in equity 103 Relationship with Investment Manager 122 Balance sheet 105 Remuneration 123 Cash flow statement 106 Directors’ statement 124 Reconciliation of net cash flow to movement in net cash 125 Significant accounting policies 132 Notes to the accounts 147 Investment policy 4 30 148 Portfolio valuation methodology Chair’s Review of 149 Information for shareholders statement investments 150 Glossary 20 Review from the Managing Partner This Annual report and accounts contains In addition to the APMs, the Annual report This Annual report and accounts contains Alternative Performance Measures (‘APMs’), and accounts shows portfolio information statements about the future outlook for 3i which are financial measures not defined in including cash and other net assets held within Infrastructure. Although the Directors believe International Financial Reporting Standards intermediate unconsolidated holding companies. their expectations are based on reasonable (‘IFRS’). These include Total return on opening A reconciliation of this portfolio information assumptions, any statements about the future net asset value (‘NAV’), NAV per share, Total to the information presented in the Financial outlook may be influenced by factors that income and non-income cash, Investment value statements is shown on page 63. The Directors’ could cause actual outcomes and results to including commitments and Total portfolio return statement on pages 106 to 109 for 3i be materially different. percentage. The definition of each of these Infrastructure plc (‘3i Infrastructure’, ‘3iN’ or the The Company is managed by 3i Investments plc measures is shown on page 62. The Total return ‘Company’) for the year to 31 March 2021 has (the ‘Investment Manager’). The Strategic report for the year shown in the Performance highlights been drawn up in accordance with applicable comprises pages 1 to 75. is the total comprehensive income for the year English and Jersey law and the liabilities of the under IFRS. The Total return on opening NAV Company in connection with this statement shall is a Key Performance Indicator (‘KPI’). be subject to the limitations and restrictions Cover image: Ionisos provided by such law. Pages 37 to 38 3i Infrastructure plc Annual report and accounts 2021 1 Our purpose Our purpose is Invest responsibly to invest responsibly in infrastructure, delivering long-term Sustainable returns sustainable returns to shareholders and having a positive Positive impact impact on our portfolio companies and their stakeholders. For further information www.3i-infrastructure.com 3i Infrastructure plc 2 Annual report and accounts 2021 Performance highlights Consistent delivery against our target return of 8% to 10% per annum. Total return on opening NAV Total return for the year 9.2% £206m March 2020: £224m 2017 9.0% 2018 28.6% 2019 15.4% 2020 11.4% 2021 9.2% NAV per share 268.1p +5.3% 2017 169.0p 2018 211.0p 2019 234.7p 2020 254.5p 2021 268.1p Full year dividend per share 2022 Target dividend per share 9.8p +6.6% +6.5% 2017 7.55p 2018 7.85 p+ 2019 8.65p 2020 9.20p 2021 9.80p 2022 Target 10.45p + Special dividend in 2018: 41.40p 3i Infrastructure plc Annual report and accounts 2021 3 At a glance A well-diversified investment portfolio. Portfolio value by investment including commitments* Projects Overview Netherlands and France Roads and social infrastructure projects Infinis UK Generator of electricity Attero from captured landfill and 5% mineral methane Netherlands Energy recovery from waste 5% 15% and recycling 6% Valorem Tampnet France Norway Renewable energy Fibre based development and communications operating company 8% 1ass9ets 12% networks DNS:NET Germany Fibre based communications networks and 8% Joulz data centres £2.0bn Netherlands portfolio value Energy infrastructure 11% solutions and metering Oystercatcher Luxembourg 10% Oil product storage terminals in Netherlands, Belgium, Malta 10% and Singapore 10% Ionisos ESVAGT France Cold sterilisation facilities Denmark TCR Emergency rescue Belgium and response vessels Owner and lessor and wind farm service of airport ground operations vessels support equipment Portfolio value by sector* Portfolio value by country* Utilities 37% Netherlands 20% Communications 20% France 17% Transportation 18% UK 15% Healthcare 10% Norway 12% Natural resources 10% Belgium 10% Social infrastructure 5% Denmark 10% Luxembourg 8% Germany 8% India <1% * All charts at 31 March 2021 and include commitment to invest in DNS:NET made on 1 April 2021 (see page 23). Read more on Review of investments Pages 34 to 44 3i Infrastructure plc 4 Annual report and accounts 2021 Chair’s statement 3i Infrastructure has a clear Our purpose We have updated our purpose, which is to invest responsibly purpose, and continues in infrastructure, delivering long-term sustainable returns to shareholders and having a positive impact on our portfolio to deliver long-term companies and their stakeholders. This is set out on page 1, and the key elements of our purpose are used to help structure sustainable returns. this Strategic report. Responsible investing has always been integral to our business model, and that of our Investment Manager. Sustainability is The Company aims to provide shareholders with a total return central to our purpose and we create value for all stakeholders of 8% to 10% per annum, to be achieved over the medium by investing in, developing and actively managing essential term. I am pleased to report that we achieved a return of infrastructure which responds to public needs, fosters 9.2% in the year ended 31 March 2021, in line with our target sustainable growth and improves the lives of communities. and demonstrating the resilience of our portfolio. This is This is not new for the Company, but we hope this report the seventh consecutive year that we have met or exceeded provides an insight into how we look at these themes, how we our medium-term return target; and we have increased the are developing our approach to them, and how we and our dividend per share in every year of the Company’s existence. portfolio companies are making a positive impact. The Covid-19 pandemic has had a profound impact on Performance many businesses across the world and I am proud of how The Company generated a total return of £206 million in the our portfolio companies have responded, keeping essential year ended 31 March 2021, or 9.2% on opening NAV, in line infrastructure operating smoothly and supporting employees, with the target of 8% to 10% per annum to be achieved over suppliers, customers and their communities. Our companies the medium term. The NAV per share increased to 268.1 pence. continued to power businesses and households, treat waste, We delivered a Total Shareholder Return (‘TSR’) of 23.8% in the keep cargo moving around the world and sterilise medical year (FTSE 250: 45.2%). Since IPO, the Company’s annualised equipment. At the same time, the management teams have TSR is 12.5%, comparing favourably with the broader market worked with our Investment Manager to establish sustainability (FTSE 250: 7.6% annualised over the same period). strategies for each portfolio company and developed their ability to measure and report on carbon emissions. I am grateful to shareholders and the Board of Directors for their support during the year, as well as to the Investment Manager for its hard work in a year when office life and business travel remained restricted. We continued to engage meaningfully with each other through our new ways of working. We are confident in our ability to deliver long-term sustainable returns, and to have a positive impact on our portfolio companies and their stakeholders. Richard Laing Chair, 3i Infrastructure plc 10 May 2021 3i Infrastructure plc Annual report and accounts 2021 5 New investment Five-year 3iN share price and FTSE 250 (to 31 March 2021) I was delighted that on 1 April 2021 the Company agreed to invest c.€182 million to acquire a 60% stake in DNS:NET, 320 a leading independent telecommunications provider in 280 Germany. This is a high growth asset that will further diversify 240 our portfolio, giving the Company sizeable exposure to the Overview German infrastructure market for the first time. 200 The Company made a further investment in ESVAGT to 160 support the build out of three new vessels for the wind sector. 120 In addition, we acquired further stakes in our Dutch PPP 80 projects from our co-shareholders on attractive terms, which Mar Mar Mar Mar Mar Mar also simplifies the governance of those assets. 2016 2017 2018 2019 2020 2021 Dividend 3iN FTSE 250, rebased to 3iN opening share price at 1 April 2016 Following the payment of the interim dividend of 4.9 pence per share in January 2021, the Board is recommending a final dividend for the year of 4.9 pence per share, meeting our An online shareholder engagement event including target for the year of 9.8 pence per share, 6.5% above last presentations from the Investment Manager and me will take year’s total dividend.
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